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Published On: Mon, Aug 7th, 2017

25% surge in filing of Income Tax Returns : CBDT

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imagesNEW DELHI : The Central Board of Direct Taxes (CBDT) on Monday highlighted a 25 percent increase in the number of Income Tax Returns (ITRs) filed in the current fiscal, on the backdrop of economic reform, including demonetisation and the Income Tax Department`s (ITD) Operation Clean Money.

As on August 5, CBDT noted that the number of IT returns filed is capped at 2, 82, 92, 955, as against 2, 26, 97, 843 filed during the corresponding period of the previous financial year, thus registering an increase of 24.7 percent compared to a growth rate of 9.9 percent in the previous year.
Additionally, the growth in returns filed by individuals is 25.3 percent, with 2, 79,39,083 returns received as on August 5. However, last year, 2,22,92,864 returns were filed depicting a substantial increase in the number of new tax payers, which have been brought into the tax net subsequent to demonetisation.The chamber also noted a 41.79 percent increase in the advance tax collections of Personal Income Tax, as on August 05.

The number of I-T returns filed for 2016-17 year grew by 25 per cent to 2.82 crore, as an increased number of individuals filed their tax returns post demonetisation, the tax department said today. The growth in ITRs filed by Individuals is 25.3 per cent with over 2.79 crore returns having been filed up to August 5 as against over 2.22 crore returns filed in the corresponding period last fiscal.  “As a result of demonetisation and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns (ITRs) filed,” an official statement said.

The finance ministry said that the number of ITRs filed showed that substantial number of new tax payers have been brought into the tax net subsequent to demonetisation. The effect of demonetisation is also clearly visible in the growth in direct tax collections, it said. Advance tax collections of personal income tax (other than Corporate Tax) as on August 5 showed a growth of about 41.79 per cent over the corresponding period in 2016-17. Personal Income Tax under Self Assessment Tax (SAT) grew at 34.25 per cent over the corresponding period in 2016-17.

 

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